5 Best European Stocks to Buy Now

4. Novo Nordisk A/S (NYSE:NVO)

Number of Hedge Fund Holders: 32

Novo Nordisk A/S (NYSE:NVO) is a Denmark-based pharmaceutical company with a leadership position in the insulin market.

The company is responsible for producing 50% of the insulin in the world, fulfilling the need of more than 34 million people worldwide. Novo Nordisk A/S (NYSE:NVO) has already produced more than 600 million insulin pens as of 2022. In a research note issued to investors on September 28, Martial Descoutures at Oddo BHF upgraded Novo Nordisk A/S (NYSE:NVO) stock from a Neutral to an Outperform rating and maintained a target price of $119.53.

Novo Nordisk A/S (NYSE:NVO) is considered amongst the best European stocks as the company is not only focused on treating diabetes through its insulin offerings but is also diversifying in the growing obesity care segment. It is an emerging and growing trend that is receiving a lot of hype in the pharma world. Novo Nordisk A/S (NYSE:NVO) has been able to increase its earnings by 16.7% every year since going public and has outperformed its competitors in terms of profit margins in 2022.

Here’s what Baron Funds said about Novo Nordisk A/S (NYSE:NVO) in its Q1 2022 investor letter:

“We added to our position in Novo Nordisk A/S, a leading global biopharmaceutical company headquartered in Denmark that specializes in treatments for diabetes, obesity, and other chronic diseases. We wrote about Novo Nordisk in last quarter’s letter. We continue to believe Novo Nordisk’s diabetes and anti-obesity franchise will drive attractive revenue and earnings growth for many years to come. We think both Novo Nordisk and competitor Eli Lilly and Company(which we also own in the Fund) can be successful in these large markets.”